Bernard Arnault, Europe’s richest billionaire, is closing in on Jeff Bezos, now worth $133 billion

After reporting a net gain of nearly $4 billion at the close of Friday’s trading session, Bernard Arnault now has a net worth of $133 billion, putting him within striking distance of Jeff Bezos, who has a net worth of $139 billion.

The chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods manufacturer, is Europe’s wealthiest person.

The retail sector led the pace in the latest trading session, with news of Britain’s new stimulus plans bolstering risk appetite. The US Federal Reserve keeping to its monetary policy tightening script also helped risk appetite.

His $133 billion net worth is enough to purchase 71.9 million troy ounces of gold or 1.12 billion barrels of crude oil.

LVMH Stock

  • The French luxury conglomerate’s global sales in the quarter ended March were $19 billion, up 23% (similar increase). In the same quarter last year, year-over-year growth was 86%.
  • However, if not for the negative impact of new COVID-19 limitations in China in March, income would have been significantly higher.
  • Investors, on the other hand, are relying on the brand because, protected from pandemic-related uncertainty and growing prices, America’s top-spending consumers have been remodelling their houses, dining out, and shopping in a stunning demonstration of consumer confidence.

Personal profile

The majority of Arnault’s fortune comes from a 97.5% interest in the luxury fashion business, Christian Dior. According to Dior’s 2020 annual report, he owns the shares through businesses linked to Groupe Familial Arnault.

According to Dior’s 2020 annual report, Christian Dior owns 41.2% of LVMH, the world’s largest luxury goods company. Because the value of these shares has already been determined, they are not included in the study. According to LVMH’s 2020 registration form, the family owns an extra 6.2% of the company, and these shares are included in the net worth calculation.

His sons, Antoine, Frédéric, Jean, and Alexandre, who all work for the LVMH group, normally dress in the same way as their father, though they occasionally deviate with a black shirt or sneakers.

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